Gold Items Popular Ahead of Lunar New Year

Amid steadily falling prices in the wake of the U.S. Fed's move to taper off its quantitative easing, more gold-related products are hitting the market.

In particular, special gift items ahead of the Lunar New Year such as rice and ginseng decorated with edible gold flakes are popular among holiday shoppers.

Consumers seeking unique gifts for one of the biggest holidays of the year are apparently being tempted by marketing strategies aimed at persuading them that gold can somehow bring them good health.

According to Shinhan Bank, one gram of gold traded for W42,355 (US$1=W1,083) as of last week, down 26 percent one year earlier when the price stood at W57,178. The average price of gold bullion weighing 37.5 g in local department stores was W1.98 million, down 15 percent from W2.36 million a year ago.

Despite the falling price of gold, more people buy gold bullion and gold-related items including jewelry based on the belief that their value will soon rise again.